The Natural Gas Spot Roll

On the Natural gas spot chart the move down from the highs of 5.35 to recent lows at 4.155 is retraced .618 at 4.89
While on the Jan contract even a modest .382 retrace of the leg down from it's 6.26 high to it's all time low of 4.56 is at 5.21

 click on chart to enlarge

And generally speaking there has also been a tendency for sellers to show up any time NG gets over 5.00 and as can be seen the 5.09 level is going to be resist.